After filing a car accident or personal injury claim, the legal process may take some time. The duration of a lawsuit might range from several months to several years. But, what happens once a settlement has been reached in your lawsuit? How long do you have to accept the offer?
The majority of injury claims lawsuits are settled outside of court. There are many reasons why you would accept a settlement offer right away, even if there isn't a clear answer to the question. However, there are some factors that should be taken into consideration before making that decision.
We will outline this question in the following article. But, if you have been hurt in a car accident, contact our New Jersey car accident lawyers at Brandon J. Broderick, Attorney at Law. We can lead you down a successful road and assist you in making sense of your current legal situation.
What Is A Settlement Offer?
A settlement is an agreement that puts an end to a legal issue and causes any pending litigation to be voluntarily dismissed. When a personal injury claimant's lawyer sends a demand package to the at-fault party's insurance company, a settlement offer is usually made. The supplier wants to lower the cost of the payout rather than reject the claim.
Settlement offers aren't always difficult to get, but it can be challenging to get an offer that is adequate to cover the losses of your accident. Lowering the amount paid out on claims is an insurance company adjuster's main goal.
Is There A Time Limit On How Long I Have To Accept a Settlement Offer?
There is no set time period a claimant has to accept a settlement offer. Others require a response within a reasonable period of time, while some insurance adjusters stipulate a deadline by which the claimant must accept the offer in order for it to be accepted.
If The Settlement Offer Has A Deadline
Typically, deadlines are included with settlement proposals to compel the recipient of the offer to accept it swiftly and end the lawsuit. The pressure from the insurance company is a sign that you have a strong case because they base settlement offers on your chances of succeeding at trial and receiving the full value of your claim. Your lawyer will coordinate communications with the insurance adjuster on your behalf to prevent the employment of such techniques in your case and to swiftly respond to them if they are used.
Your attorney has the option to make a counteroffer in place of accepting or rejecting the offer. The settlement will be sent out back and forth until an agreed-upon compensation sum is reached by both parties.
What To Consider Before Accepting the Offer
Settlement proposals are very serious. Even if you later learn that the sum you accepted was insufficient in compensating you for your damages, once you accept the offer, you give up the option to pursue more compensation from the at-fault party's insurance policy. Because of this, it's important to take into account the following aspects when deciding whether the sum being provided is reasonable.
Total Cost Of Your Losses
When seeking compensation, many people solely consider their medical bills and property damage. Personal injury claimants, however, have the right to pursue compensation for additional costs and effects of their injury, such as lost wages, pain and suffering, and any future medical and psychological requirements you may suffer as a result of your injury.
These are not numbers that you will instantly know. When your doctor determines that you are unlikely to achieve any further significant recovery from your injuries, you have reached maximum medical improvement (MMI). This is when many personal injury attorneys advise their clients to wait. At the point of greatest medical improvement, costs are more precisely estimated, and you have a better idea of the future medical requirements the accident will bring about.
Lost Income and Future Earning Capacity
A fair settlement offer will take into account how the injury will affect your ability to earn a living in the future, in addition to compensating you for lost wages, benefits, and other earnings that you missed out on while you were unable to work due to your disability.
Significant disabilities that prevent the claimant from working are often the result of serious injuries. Even less serious injuries can reduce a claimant's future earning potential if they force them to accept a lower-paying job or a reduced workload in order to deal with their condition.
Are Your Injuries Permanent?
The ability to make a living is impacted by permanent injuries. It may also have additional costs and effects, such as the requirement for home healthcare services, admission to a long-term care facility, or issues necessitating further hospitalizations.
Numerous injuries and the ensuing chronic pain prevent the victim from returning to normal activity. Long-term pain can have a variety of psychological effects that call for compensation. Your physical pain and suffering will be compensated as part of a fair settlement.
We Can Help You With Any Personal Injury Case
Our goal at Brandon J. Broderick, Attorney at Law, is to put our clients first. You can be sure that as one of the top personal injury law firms in New Jersey, as well as in New York and Connecticut, we have the expertise to see your case through to a fair resolution.
Call us today to schedule a free consultation.